High-Touch invoicing poses a serious threat to finance

A Proactis survey finds that High-Touch Invoicing Poses a Serious Threat to Finance.
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As part of a CFO Research Series, PROACTIS set out to determine the impact of invoice automation on the financial performance of an organisation by surveying more than 100 European medium-sized enterprises.

It found that Finance departments are being compromised by high-touch invoice processes and sub-standard performance in Accounts Payable, due to errors and mistakes in manual, paper-based invoice processing.

Among the key findings:

Accounts Payable spends in excess of 70 % of their time trying to reconcile invoices.

41 % of organisations report invoicing delays as a common source of cash flow problems.

32 % estimated their company has at least £10,000 a month delayed due to invoicing errors.

43 % reported less than 10 percent of invoices are handled using automated exception workflow.

62 % highlight inaccuracies of data for Accounts Payable as well as ERP systems.

Over 30 % of respondents do not know the cost and cycle time for processing an invoice; or even the precise invoice volume.

To register for your complimentary copy of the research, go to the Proactis website